Renewvia Energy completed the last disposition contingency for a 26MW solar project in Uruguay. Renewvia solely owned the project through the special purpose entity Alto Cielo. Solarpack was the interim owner of the project before SunEdison, took possession.
The Alto Cielo solar project is located in the Tomás Gomensoro locality of Uruguay's Artigas Department. The project is contracted under a U.S. dollar-denominated, 28-year power purchase agreement (PPA) with the National Administration of Power Plants and Electrical Transmissions (UTE), Uruguay's state-owned utility.
"We are excited to be working in a geography where utility solar power procurement is desired as opposed to forced. Logical decisions and compromises were made by each party to facilitate a successful project and, as importantly, the PPA price was not contingent on installation and capital cost decreasing to achieve financial close," said Trey Jarrard, CEO of Renewvia. "It was gratifying to shepherd in one of the country's first solar procurements."
In addition to expanding in Latin America, Renewvia is also developing commercial solar micro grid facilities in Kenya and Saipan.